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Popular Word Problems >

Ren took a personal loan for 10,000 to pay for a family vacation. It has a fixed simple interest rate of 12.85% and he has 3 years to pay it back. How much interest will he have to pay? (I=PRT)

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Solution

Rentookapersonalloanfor10,000topayforafamilyvacation.Ithasafixedsimpleinterestrateof12.85%andhehas3yearstopayitback.Howmuchinterestwillhehavetopay?(I=PRT)

Solution

Interest:3855
Solution steps
Translate the problem into an equation:I=10000⋅0.1285⋅3
Simplify I=10000⋅0.1285⋅3
Interest:3855

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